‘West Africa loses $88.6bn yearly to illicit flows’

West African nations are collectively losing a staggering $88.6 billion each year to illicit financial flows, a drain on resources that hinders development and exacerbates corruption. This significant figure was highlighted as members of Public Accounts Committees (PACs) from across the Economic Community of West African States (ECOWAS) convened to address the pervasive issue. The seminar, focused on "Preventing Financial Crimes and Enhancing Public…," served as a platform for these crucial bodies to strategize. Participants were urged to forge stronger collaborations and implement practical, actionable measures to combat corruption, illicit financial flows, and other related financial crimes plaguing the sub-region. The call to action underscores the urgent need for coordinated efforts to stem the tide of financial malfeasance that is costing the region billions and undermining public trust and economic progress.